Brokerages forecast that Freeport-McMoRan Inc (NYSE:FCX) will announce earnings of $0.40 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Freeport-McMoRan’s earnings. The highest EPS estimate is $0.68 and the lowest is $0.28. Freeport-McMoRan reported earnings per share of $0.34 during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.6%. The company is expected to issue its next quarterly earnings report before the market opens on Wednesday, October 24th.
According to Zacks, analysts expect that Freeport-McMoRan will report full-year earnings of $1.78 per share for the current year, with EPS estimates ranging from $1.59 to $2.18. For the next year, analysts anticipate that the business will report earnings of $1.11 per share, with EPS estimates ranging from $0.71 to $1.96. Zacks’ earnings per share averages are an average based on a survey of research analysts that cover Freeport-McMoRan.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.04. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $4.97 billion. During the same quarter in the previous year, the company earned $0.17 earnings per share. The company’s revenue for the quarter was up 39.3% compared to the same quarter last year.
FCX has been the topic of a number of analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $24.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 26th. Clarkson Capital cut shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price objective on the stock. in a research report on Tuesday, September 11th. Barclays started coverage on shares of Freeport-McMoRan in a research report on Wednesday. They issued an “underweight” rating and a $12.00 price objective on the stock. ValuEngine cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Finally, Deutsche Bank upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $17.50.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC increased its position in shares of Freeport-McMoRan by 36.0% during the second quarter. Jennison Associates LLC now owns 1,118,042 shares of the natural resource company’s stock valued at $19,297,000 after buying an additional 296,228 shares during the period. Intrust Bank NA bought a new stake in Freeport-McMoRan during the second quarter worth about $265,000. Achmea Investment Management B.V. boosted its stake in Freeport-McMoRan by 6.2% during the second quarter. Achmea Investment Management B.V. now owns 126,793 shares of the natural resource company’s stock worth $2,187,000 after acquiring an additional 7,366 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Freeport-McMoRan by 3.9% during the second quarter. State Board of Administration of Florida Retirement System now owns 1,996,247 shares of the natural resource company’s stock worth $34,455,000 after acquiring an additional 75,434 shares in the last quarter. Finally, Confluence Investment Management LLC bought a new stake in Freeport-McMoRan during the second quarter worth about $175,000. Institutional investors own 71.74% of the company’s stock.
FCX stock opened at $12.74 on Friday. Freeport-McMoRan has a 12-month low of $12.18 and a 12-month high of $20.25. The stock has a market capitalization of $20.17 billion, a price-to-earnings ratio of 10.89 and a beta of 2.48. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.62 and a current ratio of 2.72.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Friday, October 12th. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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